Medicare Advice for Those in Search of Senior Insurance
Medigap insurance has standardized benefits, which means the benefits do
not change from one insurance company to the next. In example, a Medigap
Plan F with Mutual of Omaha in Texas has the same coverage as Medigap Plan
F with Gerber Life in Mississippi.
Three recommendations and pieces of Medicare advice we give to seniors searching
for Medigap insurance are
- Understand Medigap insurance rates will go up, they're not locked
in price. Medical inflation usually causes rates to go up each year. Your
birthday or anniversary date is the normal time
frame to receive these rate increases, especially
in attained age states. Check
with a carrier before enrolling to see if the rates
can be adjusted during the middle of the year. We have seen Medigap
insurance rates adjust every 6 months; this is
not a good plan.
- Makes sure the insurance policy you take out is with a “Secure” rated
carrier with A.M. Best. The two differences between Medigap insurance
plans are rates and the insurance company rating. It is important
to have a policy with a financially stable company so you
do not have to worry about the insurance company or policy
going bust. In
a situation where the insurance company goes into receivership
or bankruptcy, your Guaranteed Issue Rights are activated and you can get
any policy you choose with NO health questions.
- Make sure the insurance agent you are working with has been in the senior
market business for at least 5 years. You need to know your agent
will be around after he gets the commission check. There have been
numerous agents since 2006 that have entered the senior insurance
business, and many of them have fraudulently enrolled people. Do not
do business with a rookie agent who is not established;
this can lead to trouble.